Regulatory Alerts2015-05-25
Added · Updated
BFIU Circular No. 11: Submission of Cash Transaction Report (CTR) - Financial Institutions
Financial institutions in Bangladesh must submit a monthly Cash Transaction Report (CTR) to the Bangladesh Financial Intelligence Unit (BFIU) via the BFIU website for any single or aggregated cash deposits or withdrawals totaling 1,000,000.00 BDT or more in a specific account on a given day. Reports are due by the 21st of the following month, and institutions must submit a 'no transaction' certificate if no reportable transactions occurred. The directive exempts government accounts from reporting cash deposits but requires reporting for cash withdrawals, mandates a five-year record-keeping period, and clarifies that CTRs are distinct from Suspicious Transaction Reports (STRs). The circular becomes effective on June 1, 2015, applying to transactions in June 2015.
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